Payroll Cards -- TransCard

Posted By: CantBeShocked

Payroll Cards -- TransCard - 11/04/13 07:05 PM

Does your bank offer reloadable payroll cards? If so, are you familiar with Transcard?

They offer reloadable payroll cards - if "instant issue" either by your FI or by the employer, there is no name on the card. If not instant issue and ordered online, there WILL be a name on the card. They are reloadable from PayPal, GreenDot, etc but they do not accept or send IAT transactions. There is a PIN tied to the card - but the PIN and card can be shared or given to someone else. OFAC is done at issue and once a month thereafterwards by TransCard.
TransCard does have a BSA policy and monitors transactions. You can access reports via a server but the ultimate BSA responsibility resides with the bank.

I need ammunition for NOT offering thistype of payroll card. I only have one experience to rely on and it was a smaller bank who offered NON-reloadable payroll cards, VISA owned the cards and therefore owned all BSA responsibility.

Help! Or are these cards the new "norm"?? Thanks.
Posted By: rlcarey

Re: Payroll Cards -- TransCard - 11/04/13 07:27 PM

It might be just me, but who in their right minds would want to be involved and what employer would want to issue payroll cards that are not person specific??
Posted By: BetsyS

Re: Payroll Cards -- TransCard - 11/05/13 01:51 AM

I would suggest you review the CFPB's bulletin on payroll cards that came out last month: